What Is an Indiana Foreclosure Consultant Bond?
Foreclosure consultants in Indiana have to provide a surety bond to the Consumer Protection Division at the Office of the Attorney General. Posting a foreclosure consultant bond is a necessary step for your legal compliance.
The goal of this surety bond is ensure an extra layer of protection for the state and its citizens. It guarantees you will follow all applicable rules. In case you don’t, the bond can provide a reimbursement for harmed parties.
You can think of your surety bond as a three-party contract. The principal is your foreclosure consultancy that needs the bond. The Office of the Attorney General is the obligee that sets the requirement. The surety provides the bond and backs your company.
Frequently Asked Questions
In which cases do I need to get bonded?
All credit services organizations in Indiana, which includes foreclosure consultancy businesses, have to provide a $25,000 surety bond. It has to be presented to the state Office of the Attorney General in the official bond form. The bond ensures your compliance with Chapter 15, Article 5, Title 24 of the Indiana Code.
What are the bonding costs?
The bonding requirement for Indiana foreclosure consultants is $25,000. The surety bond cost that you have to cover is calculated on the basis of this bond amount. It represents a small fraction of it, referred to as the bond premium.
The premium is determined by examining your personal and business finances. By checking your credit score, company stats, and assets or liquidity that you showcase, your surety can assess how risky it is to get you bonded. The price you’ll pay can be as low as 1% to 5% of the bond amount if your overall profile is solid.
|Surety bond name||Surety bond amount||Above 700||Between 650-699||Between 600-649||Below 599|
|Indiana foreclosure consultant bond||$25,000||$187.5-$375||$250-$625||$625-$1,250||$1,250-$2,500|
Can I get this bond if my finances are problematic?
With Lance Surety Bonds you can get bonded with far-from-perfect finances. We are operating our Bad Credit Surety Bonds program to provide a bonding option for candidates with a low credit score, tax liens, bankruptcies, and civil judgements.
As the bonding risk is higher, the rates are also slightly increased. You can expect a premium in the range of 5%-10%. You can still get a top price with us. We foster close partnerships with numerous A-rated, T-listed surety companies. This allows us to shop around for you and offer you an option that matches your circumstances.
How do I get an Indiana foreclosure consultant bond?
Learn more details on how bonding works in our in-depth How to Get Bonded page.
Have further questions? Our bonding specialists are here to help you. Call us at (877) 514-5146.
What happens in case a party files a bond claim against me?
It’s important to remember that your surety bond does not protect your foreclosure consultancy. Instead, it safeguards the interests of your customers and the general public. You can get a claim against your surety bond if you transgress from your obligations under the Indiana Code and other applicable rules.
The harmed party can ask for a reimbursement of up to $25,000, which is the penal sum of your bond. The surety that bonded you may have to cover the claim costs at first, in order to ensure a quick response for the claimant. You need to repay it in full soon after. This means that avoiding costly and problematic claims is your best course of action.